On CNBC's "Cramer's Stop Trading" segment, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said investors should not take the news so negatively.
Instead, they should look at it as the bank clearing up another uncertainty. Although the cost appears to be high, he reminded investors that BAC does not go down easy and has a chance to get the amount lowered.
With that being said, Cramer is waiting for the bank, an AAP holding, to settle with the Justice Department so the company can move on from this "murky" situation.He concluded that Bank of America has powerful normalized-earnings per share potential, which will be evident when the settlement is out of the way.
-- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts